Naveen Kulkarni, Chief Investment Officer, Axis Securities on Indian market:
Indian markets have opened in the green today on the back of a rally in the global equity markets due to various factors. This includes softer-than-expected wage growth in the US and commentary by Fed’s Evans on Friday, where he expects a slower rate increase by the US Fed, including a possibly 25 bps increase in the upcoming policy meeting. Additionally, further opening by both Hong Kong and China from the remaining Covid-related border controls, and kick-off in Q3 corporate earnings, where TCS is all set to announce their results today, are some of the other reasons for a green opening.
From a medium-term perspective, we believe the market will continue to remain volatile. The market direction will be determined by the upcoming result season, where we could see the first signs of earnings momentum weakening and the announcement of the Union Budget, scheduled on February 1, 2023.
Chambal Fertilisers large trade | 4.74 lakh shares (0.11% equity) worth Rs 14.91 crore change hands at Rs 314.5 per share:
Market update at 2 PM: Sensex is up 660.45 points or 1.10% at 60560.82, and the Nifty jumped 185.40 points or 1.04% at 18044.90.
More than 100 stocks have touched their 52-week highs during the day; Click to View More
National Fertilizers clocks 27% growth in fertilizer sale during Apr-Dec 2022
National Fertilizers clocked a growth of 27% in total fertilizer sale during April- December 2022 as compared to corresponding period last year (CPLY).
The company reported total fertilizer sale of 49.71 lakh MT compared to CPLY of 39.25 lakh MT which is best ever in its history.
National Fertilizers was quoting at Rs 73.50, up Rs 0.40, or 0.55 percent on the BSE.
CLSA maintains ‘Buy’ rating on Bharti Airtel:-Buy rating, target raised to Rs 1,040 per share
-Best play on India mobile; hefty operating cashflows & rising ROCE
-Forecast Bharti to record 16%/22% India mobile revenue/EBITDA CAGR by FY25
-Expect Bharti to offer 5G upside to mobile & company’s enterprise offerings
-Despite 5G capex, expect hefty cashflows of USD 28 billion to drive deleveraging to 1x EBITDA
-Cashflows to drive pre-tax ROCE to 18% by FY25CL
Phoenix Mills’ consumption up 122% YoY at Rs 9,265 million
Phoenix Mills’ consumption in December 2022 at Rs 9,265 million, 122% of December 2019, while retail collection in December 2022 stood at Rs 1,920 million
Phoenix Mills was quoting at Rs 1,429.45, up Rs 10.20, or 0.72 percent.
PVR opens multiplexes in Jaipur, Bengaluru and GurugramPVR informed about the opening of 3 new multiplexes in Jaipur, Bengaluru and Gurugram with a total count of 19 screens.PVR announces the launch of its 8-screen multiplex, the largest in Rajasthan, 7-screen multiplex at Bhartiya Mall of Bengaluru at Bhartiya City and 4-screen multiplex in Haryana with Elan Town Centre.With this launch, PVR now operates the largest multiplex network with 903 screens at 181 properties in 78 cities (India and Sri Lanka).2.91 lakh shares (0.5% Equity) worth Rs 48 crore change hands at an average o Rs 1,662.85 per share.
BSE Oil & Gas index rose 1 percent led by Adani Total Gas, Reliance Industries, ONGC
Market at 1 PMThe Sensex was up 778.35 points or 1.30% at 60678.72, and the Nifty was up 218.30 points or 1.22% at 18077.80. About 2096 shares have advanced, 1196 shares declined, and 165 shares are unchanged.
Lupin gets USFDA approval for Toviaz Generic
Lupin has received approval from the United States Food and Drug Administration (FDA) for its Abbreviated New Drug Application (ANDA), Fesoterodine Fumarate Extended-Release Tablets, 4 mg and 8 mg, to market a generic equivalent of Toviaz Extended-Release Tablets, 4 mg and 8 mg, of Pfizer Inc.
The product will be manufactured at Lupin’s facility in Goa, India.
Lupin was quoting at Rs 747, up Rs 8.55, or 1.16 percent on the BSE.